We present an algorithm for the retrieval of cloud droplet size distribution parameters (effective radius and variance) from the Research Scanning Polarimeter (RSP) measurements. The RSP is an airborne prototype for the Aerosol Polarimetery Sensor (APS), which was on-board of the NASA Glory satellite. This instrument measures both polarized and total reflectance in 9 spectral channels with central wavelengths ranging from 410 to 2260 nm. The cloud droplet size retrievals use the polarized reflectance in the scattering angle range between 135deg and 165deg, where they exhibit the sharply defined structure known as the rain- or cloud-bow. The shape of the rainbow is determined mainly by the single scattering properties of cloud particles. This significantly simplifies both forward modeling and inversions, while also substantially reducing uncertainties caused by the aerosol loading and possible presence of undetected clouds nearby. In this study we present the accuracy evaluation of our algorithm based on the results of sensitivity tests performed using realistic simulated cloud radiation fields.